10-601. Authorized shares A. The articles of incorporation shall prescribe the classes of shares and the number of shares of each class that the corporation is authorized to issue. If more than one class of shares is authorized, the articles of incorporation shall prescribe a distinguishing designation for each class, and before the issuance of […]
10-602. Terms of class or series determined by board of directors A. If the articles of incorporation so provide, the board of directors may determine, in whole or in part, the preferences, limitations and relative rights, within the limits set forth in section 10-601, of either: 1. Any class of shares before the issuance of […]
10-603. Issued and outstanding shares A. A corporation may issue the number of shares of each class or series authorized by the articles of incorporation. Shares that are issued are outstanding shares until they are reacquired, redeemed, converted or canceled. B. The reacquisition, redemption or conversion of outstanding shares is subject to the limitations of […]
10-604. Fractional shares A. A corporation may: 1. Issue certificates representing fractions of a share or pay in money the fair value of fractions of a share as determined by the board of directors. 2. Arrange for the disposition of fractional shares by those entitled to the fractional shares. 3. Issue scrip in registered or […]
